Calculate the equilibrium price and quantity, Macroeconomics

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Calculate the equilibrium price and quantity

The supply and demand curves for corn are as follows:

QD = 3,750 - 725P

QS = 920 + 690P,

where Q = millions of bushels and P = price per bushel.

a. Calculate the equilibrium price and quantity that would prevail in the free market.

b. The government has imposed a $2.50 per bushel support price. How much corn will the government be forced to purchase?

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Macroeconomics: Calculate the equilibrium price and quantity

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Macroeconomics: Calculate the equilibrium price and quantity

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Reference No:- TGS062393

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